Big Prize Savings Rollout
What do you do when you have a product that sounds too good to be true, but isn’t?
That’s the challenge American First Credit Union came to Echo-Factory with when they began the rollout of their Big Prize Savings account. Big Prize Savings represents an entirely new type of account for California: one that let customers earn chances to win up to $50,000 just by saving their money.
Think a lottery, only one you can’t lose.
Research shows that over 40% of Americans don’t have enough emergency savings to cover a $400 emergency, and that these types of accounts, called prize-linked savings, are effective at helping to change that.
Our campaign started by creating a brand for Big Prize Savings, one that balanced the authority and authenticity of a trusted financial institution with the potential excitement of winning thousands of dollars. Next, we deployed that brand as a microsite and highly optimized landing pages, designed to give consumers the information they needed to quickly make a decision and lead them down a funnel toward signing up for a new account.
Finally, we launched a cross-network digital campaign that used demographic, geographic and interest targeting to reach the consumers who were most likely to be interested in this product.
To date, the program has significantly exceeded American First Credit Union’s hopes for new account signups and deposits. Perhaps most importantly, the program is helping Americans build their savings.